The Internet of Things and Life & Health Insurance

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14 May 2014
Donald Light

Can an Old Industry Learn New Tricks?


The Internet of Things will change the life and health business.

The world is changing. It is becoming more connected. People, places, and things are using these connections to exchange an exploding amount of digital information and data. This digital stuff is stored and analyzed, and then yields predictions, feedback, and control.

The Internet of Things (IoT) has three, interdependent components: things with networked sensors, data stores, and analytics engines.

“The value creation of the IoT lies in what connects the three components: one, the internal state and external status data and information, which can provide a much more accurate, and sometimes previously unavailable, picture of the hazards and risks of what is being insured; two, analytically driven findings — some looking backward to improve pricing, underwriting, and claim decisions and others looking forward to changing behavior and performance; and three, feedback and control processes to command or request things to change their loss-related behavior and performance,” said Donald Light, Director of Celent’s Americas Property/Casualty Practice and author of the report.

This report discusses how The IoT will change every part of the insurance value chain: product design, pricing, underwriting, service, and claims.

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Insight details

Life & Health Insurance
Subscription(s) required to access this Insight:
Insurance, >>Life/Annuities Insurance
Insight Format
Geographic Focus
Asia-Pacific, EMEA, North America